Listen: 196,000 jobs added in latest report from the Fed
"Paul lenghty of economic news to kick around from big time jobs numbers today to the president's ongoing criticism of the fed and his shall we say idiosyncratic nominations to that body. Let's do it over with Linda Lopez from business insider and Dion rebellion markets editor at axios. Hi there. Hey. Let's start. I think before we dive into this fed situation. Let's start with the jobs numbers broadly. I guess more of the same especially in terms of wages Dion. I'm gonna start with you, food and housing still cost a lot. So at what point to these stuck wages really start to hurt the economy? That's a really good question because they have actually moving in the right direction. But now, they're kind of stuck in might be moving back down the thing about this jobs report today was it didn't really tell us anything new about the economy. Everything was kind of on trend along the same trend that we've been going on really since the end of the recession in the beginning of the recovery in two thousand nine so you got back to one hundred ninety six thousand jobs added that's about along trend that we've seen really for the past nine ten years wage growth kind of moving back towards its trend. And we're really this is just kind of return to the normal that we've seen over the past ten years. So didn't really tell us anything new about the economy, except, you know, the new boss same as the old boss, right and Lynette our reporters say three point two percent is okay. As far as wage growth goes. But we'd need three point five percent. Two four for a sustained period for workers to gain back this ground and getting to the fed. It seems like that wouldn't be that likely if inflation hawks start saying it's time to raise interest. Rates that fair that's fair. But here's the thing. I'm one of those people who believes that the American worker hasn't really gotten a sufficient raised since the nineteen sixties. So when I look at these three point two numbers four percent numbers. It compares to, you know, compare. It does not compare to you know, the lack of ground that the American worker has has has not made. I mean, the American workers purchasing power has basically stayed steady for the last forty years. And this is why we've seen such massive inequality. So when I see a report like this, and we start quibbling over three point two percent. Four percent. I'm like, okay. I mean find right, but we can quote, it's not gonna change of when what is you know, an inherent structural problem with our economy right now. Well, then let's move onto the structure, and it's not good. It's writ large. That's what it does. You know? She just she comes and drops. I want one. I mean, we keep calling ya. So it's on us. Dionne broadly. Let's talk about the fed. You have these proposed nominations in Stephen Moore, and now Herman Cain. And I think what we should ask with all of this pressure. And these kind of weird nominations is can the fed do its job. Yeah. No. Of course, the fed can do its job, and it is important to point out that these are just two of nominations of. I think it's twelve board seats. You've also got the chair the vice chair you've got a number of fed regional presidents all of whom everyone on the fed currently very qualified including the previous people that President Trump has nominated."